San Francisco-based Legalist has reportedly raised $10.25m for its maiden fund to help financing law suits.
Over the next year, the company expects to deploy the capital in 100 cases, primarily civil suits brought by small businesses, with an average backing of $100,000, according to an article by The Wall Street Journal.
The company helps small businesses get access to funding for legal cases, with its machine learning platform searching millions of court records to source, vet and invest commercial lawsuits. The company offers litigation finance between $10,000 to $10m, clients only paying if they win.
Founded in 2016, Legalist works by a client explaining all of the lawsuit details, if it is then approved Legalist covers all legal costs, including attorney fees, deposition costs and working capital for the business.
Last year Legalist took part in Y Combinator accelerator, with the company also raising a $1.5m seed round, the report states. Investors into the company include Charlie Songhurst, Alexander Tamas, Refactor Capital, and Vy Capital.
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